News Summary: Nike ends ties with Armstrong

Wednesday, 17 Oct 2012 | 11:07 AM ETThe Associated Press

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NEW YORK -- CONTRACT ENDED: Nike Inc. said Wednesday that it is terminating Lance Armstrong's contract, citing insurmountable evidence that the cyclist participated in doping and misled the clothing and footwear company about those activities for more than a decade.

LIVESTRONG: Nike said it plans to continue its support for Livestrong, the cancer-fighting charity that Armstrong founded. Armstrong said Wednesday that he was stepping down as chairman of Livestrong so that the organization can steer clear of the whirlwind surrounding him.

THE TAKEAWAY: Armstrong, who overcame life-threatening testicular cancer, retired from cycling a year ago. He announced in August that he would no longer fight the doping allegations that have dogged him for years.